Arizona car auction owner indicted for fraud

Written by Associated Press

Friday, 06 May 2011 10:46

PHOENIX (AP) - The owner of a car auction business in Gilbert has been indicted for allegedly defrauding more than 50 customers since 2009.

Maricopa County prosecutors say a 101-count indictment charges Stanley Dean Torgerson of fraud and theft for allegedly selling vehicles for customers and failing to give them the proceeds.

Torgerson owns International Car Auction, which has been in business for about 20 years.

Authorities say Torgerson was arrested Tuesday morning by Gilbert police. He remains jailed on a $50,000 cash only bond. It's unclear whether Torgerson has legal representation.

Prosecutors say Torgerson's financial records show he spent the auction proceeds on family members, personal expenses and other businesses. They say Torgerson could get a life prison term if he's convicted on all counts and sentenced to consecutive aggravated terms.

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